Main reasons to start your Upton lease extension

Main reasons to start your Upton lease extension today:

Increase your lease and increase your Upton property value

The value of Upton leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The expense of a lease extension can increase materialy once the remaining term is less than eighty years

An extended lease has roughly the same value as a freehold

Leasehold residencies in Upton with over one hundred years left on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such circumstances there is often little to be gained by buying the reversionary interest unless savings on ground rent and estate charges justify it.

Lenders may decide not to finance a property on a short lease

Almost all banks and building societies insist on a lengthy amount of time remaining on a leasehold property before they will consider it as adequate security. Regardless of whether you require a mortgage, you should be mindful that it is reasonable to assume that someone wishing to acquire your property in the future might well do, so in the event that they can't secure a mortgage, then the market price of the property will likely suffer. Since 2008 many banks and building societies have increased the required minimum lease length that they are willing to accept

What makes us experts in Upton lease extensions?

Irrespective of whether you are a tenant or a landlord in Upton,the lease extension solicitors that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Upton valuers.

Upton Lease Extension Case Studies:

Ollie, Upton, Merseyside,

Ollie was the the leasehold owner of a high value apartment in Upton being marketed with a lease of just over 59 years left. Ollie informally approached his landlord a well known Manchester-based freehold company and enquired on a premium to extend the lease. The landlord indicated a willingness to grant an extension taking the lease to 125 years subject to a rise in the rent to £200 annually. Ordinarily, ground rent would not be payable on a lease extension were Ollie to exercise his statutory right. Ollie procured expert advice and was able to make a more informed judgement and deal with the matter and ending up with a market value flat.

Upton case:

Last month we were phoned by Mr and Mrs. W Cox , who was assigned a lease of a one bedroom flat in Upton in June 2000. We are asked if we could shed any light on how much (roughly) premium would likely be for a 90 year lease extension. Comparative flats in Upton with 100 year plus lease were worth £225,400. The mid-range amount of ground rent was £45 collected every twelve months. The lease lapsed on 3 April 2090. Taking into account 64 years left we approximated the compensation to the freeholder to extend the lease to be within £16,200 and £18,600 plus professional charges.